Business & Tax Blog

During the course of an audit of a partnership for employment tax matters, an issue arose as to whether the tax partnership (which has numerous partners) was subject to the unified partnership audit and litigation provisions of TEFRA (the Tax Equity and Fiscal Responsibility Act of 1982). Representing the partnership,…

Could it be better to abandon a bad investment and receive nothing in return, than to sell it and receive something in return? Sometimes the answer is “yes,” according to a recent federal appellate court decision. The reason is that you can take an ordinary business tax loss from abandonment…

The Internal Revenue Code prescribes minimum imputed interest rates and time–value–of–money factors applicable to certain loan transactions and estate planning techniques. These rates are tied formulaically to market interest rates. The Internal Revenue Service updates these rates monthly. These are commonly applicable rates in effect for March 2015: Short Term AFR…

Small Employer Relief Until June 30, 2015 In November we alerted you that employers that reimburse employees for the cost of purchasing individual health insurance policies risk being subject to ACA penalties of $36,500 per year per person. Here is a link to our prior alert: https://blog.williamsparker.com/businessandtax/ On February 18,…

IRS has extended to 2014 individual income tax returns a one-time opportunity to potentially permanently reduce exposure to the 3.8% Medicare Surtax enacted with Obamacare. With apologies for melodramatic tone, if you didn’t make the election on your 2013 federal income tax return and you don’t make the election on your original…